Lebanon Sees No Immediate Ceasefire Amid Israeli Operations
November 11, 2024, 10:19 am

Lebanon Sees No Immediate Ceasefire Amid Israeli Operations

الحدود اللبنانية

Informed political sources in Lebanon dismissed on Sunday the possibility of a near halt to the fighting along the Lebanese-Israeli border, following reports about a potential agreement and Israel's announcement of an expansion of its ground operations.

The sources confirmed that Lebanon has not received any official draft proposals so far, nor has a date been set for the visit of the American envoy to the region.

On the other hand, the local newspaper "Al-Joumhouria" cited sources described as "well-informed," suggesting that U.S. President Joe Biden may soon send his envoy Amos Hochstein to Beirut, carrying specific proposals for a ceasefire.

The sources emphasized the need to pressure the Israeli side to lower its demands, affirming that the main obstacles lie in the Israeli stance, while Lebanon insists on the implementation of Resolution 1701 without any modifications.

Israeli newspaper "Yedioth Ahronoth" reported that the Israeli security cabinet discussed a possible ceasefire agreement in Lebanon during its last meeting.

The newspaper clarified that Israel, Lebanon, and the United States have exchanged a draft agreement for a ceasefire.

Additionally, sources told the Israeli Broadcasting Authority that Israel accepted the proposed plan about ten days ago. These reports come alongside the visit by Israeli Minister of Strategic Affairs Ron Dermer to the United States, where he is expected to meet with several U.S. officials, including the elected President Donald Trump.

This coincides with the extraordinary Arab-Islamic summit starting on Monday in Riyadh, called by Saudi Arabia, amid hopes for practical results concerning the ceasefire in Lebanon and Gaza.

Lebanese government sources noted that the summit is expected to play an important role in strengthening the call for a ceasefire in Lebanon and Gaza and influencing international positions.

Lebanese caretaker Prime Minister Najib Mikati is expected to address the extent of destruction caused to Lebanese cities and villages due to Israeli bombing during the summit, focusing on the issue of displaced persons.

For his part, Speaker of the Parliament Nabih Berri emphasized the need for the summit to yield practical results that push towards a ceasefire and end the Israeli bombardment of Lebanon. He reiterated the "necessity of an immediate ceasefire and the implementation of Resolution 1701 without additions or omissions," noting that Israel is pursuing a wide-ranging destruction strategy in various parts of the south, Baalbek, and the suburbs.

**Expanding Maneuvers**

On the ground, Israeli Chief of Staff Herzi Halevi approved the expansion of ground maneuvers in southern Lebanon, according to a reporter from Al-Hurra in Tel Aviv.

Thousands of soldiers from both the regular army and reserves are expected to participate in these maneuvers.

Defense Ministry officials stated that "the new plans aim to enable the Israeli army to deepen the achievements made so far and reach additional areas where Hezbollah is active."

In Lebanon, Israeli warplanes have launched continuous airstrikes on villages in the Tyre and Bint Jbeil districts, targeting towns including: Barghiley, Ain Touta area between the towns of Burj Rahal and Al-Abassiyah, the entrance to Tayr Dibba, Al-Ramadiya, Al-Jamijma, Al-Shahabiya, Batulya, Qalawiya, and Burj Qalawiya.

This coincided with reconnaissance, drone, and fighter aircraft flying over the villages in the districts of Tyre and Bint Jbeil, launching illuminating flares over the western and central sectors, reaching the Litani River and the coastal area.

In the early hours, the Israeli army fired machine gun fire towards the groves adjacent to the towns of Naqoura, Jabal Al-Labouna, Alama Al-Shaab, Tayr Harfa, Al-Dahira, and Aita Al-Shaab.

In contrast, Hezbollah, which is listed as a terrorist organization by the United States, announced on Monday that it launched an attack targeting clusters of Israeli soldiers in the Ramia, Al-Qouzah, and Aita Al-Shaab axes, achieving direct hits according to statements from the party.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.